Market Update | October 2020 📈
Over 4,700 new listings were added to our inventory in September 2020. Our total listings have not increased and have remained stable at around 6,500 properties on the market. Demand seems to continue to go strong and is keeping up with or outpacing new listings added to the market. Keeping our Inventory somewhat stable. Low but Stable!
Closed units are back up with just under 4000 closings for the month of September. Very strong September closing numbers!
Our days on market have decreased pretty significantly. I think most of us agents can attest to that! When we list a good property at close to Fair market value they seem to be getting offers quickly. August 2020 to September 2020 we went from 43 days to 36 days on market. Earlier this year we were at close to 50 average days on market.
The median sales price in August 2020 went from $339,000 to $340,000 in September 2020. Not a huge gain but still gaining at the median sales price.
We will likely see another increase in the median sales price for the month of October!
The price point of $250,000 - $300,000 has just over 1.0 month of inventory. Affordable housing is starting to slip away!